Bitcoin Shoots Past $70,000, May Hit New Record Soon

It did not take long for Bitcoin (BTC) to go from struggling below $65K to now sitting above $70K. Has the coin fully recovered?

The spark that lit the fire under Bitcoin’s price was most likely the Consumer Price Index report and its slightly positive view on inflation. Since that report came out last week, Bitcoin has been climbing higher and higher.

Bitcoin surged in the late hours of Monday night and peaked at $71,444 (BTC/USD) before falling slightly. Now the coin is at $71,000 and still high. Its trade volume has shot up, 136% higher than the previous day, and Bitcoin’s price is currently 5.69% higher than it was on Monday.

This rapid movement could very well set a new resistance level for Bitcoin and propel the cryptocurrency token much higher than it has been this year or any time in the past. The coin’s all-time high is $73,750, which Bitcoin hit two months ago. Currently Bitcoin is only 3.6% below that record high, and it would only take another day like Monday to surpass that and for the coin to set a new record.

Why Is Bitcoin Surging Today?

Analysts attribute Bitcoin’s current performance to an increase of spot buying EFTs. The crypto market and stock markets are looking much healthier than they did two weeks ago, and a buying frenzy has started to occur. As economic indicators begin to look better, investors are more willing to put their money into these potentially risky assets.

We could be seeing the beginnings of a bull market, but we could also be seeing the bull market’s peak. It is highly likely that what is happening with Bitcoin is what investors have been waiting to happen since the hype surrounding the halving started- that Bitcoin would establish a new, higher resistance level and move much higher as a result of the halving. The coin’s movement over the next couple days will help spell out the situation moving forward.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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